Refer to the Following Table to Answer the Following Questions

question 29

Multiple Choice

Refer to the following table to answer the following questions:

-If the purchase of 5 strawberries and 5 apples maximizes your utility per dollar,the price of strawberries must be ________ if the price of apples is $3.00.

• A) $1.00
• B) $2.00
• C) $1.50
• D) $2.50
• E) $3.00

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Definitions:

Promissory Estoppel

A legal principle that enables a party to recover on a promise made when they have reasonably relied on that promise to their detriment, even if a formal contract does not exist.

Illusory Contract

An agreement that fails to bind at least one of the parties due to the lack of a definite promise or because the terms allow for withdrawal without consequence.

Adequacy Of Consideration

The principle that the value exchanged in a contract must be fair and reasonable to both parties involved.

Fraud

Intentional misleading to achieve illicit benefits or to cheat someone out of their rightful entitlement.